Amidst economic uncertainties, how do universities rethink their strategies?
The pandemic has significantly impacted Australian universities. Travel restrictions and visa challenges impact the numbers of international student enrollments, posing threat to residency prospects in the near- and long-term. Universities must pivot their financial and operational strategies to adapt to these changes and ensure future viability.
Behaviour Shift
The shift to online study during the pandemic has led to concerns about the effectiveness of digital learning and its impact on residency prospects for international students.
Diverted Funding
Australian universities face financial difficulties as key funding sources from international partners are redirected towards recovery efforts.
Questions on Value-add
The decline in student interest for certain degrees due to rising unemployment highlights the need for universities to reassess and restructure their financial and operational strategies.
Australia has consistently been the third best study destination for international students after the United States and the UK.
However with the recent coronavirus disease dashboard update released by the World Health Organisation (WHO), America and Europe conversely has the highest cases to date amounting to more than three and two million cases, respectively. Unlike Australia, international students consider the country as a “COVID safe house” due to its impressive strategies and restrictions to gradually combat the pandemic.
Australian higher education had an exciting success story, but how is it affected by the pandemic?
A gradual downtrend of international student enrolees
Entering the desired country for international studies will be challenging brought about by stricter rules and regulations in travel restrictions and visa approvals. In the same manner, leaving the home country might be considered riskier.
Less funding and financial operation
Majority of Australian universities’ source of finance come from internal research funding from Horizon Europe (UK), and DARPA (US). These countries currently focus their budget allocation into recovery areas. As an effect, universities will struggle to prepare their graduates to join the workforce with insufficient resources at hand such as modern equipment and funding.
The decline in international student enrollments and reduced funding highlight the urgent need for Australian universities to rethink their financial strategies and operational models.
The shift to online learning during the pandemic has raised concerns about the effectiveness of digital education and its impact on residency prospects for international students.
Trend on resorting to online study
The pandemic outbreak has compelled the education system to shift from face-to-face delivery into online study to carry out the social distancing measures. However, for many students, the digital educational experience is perceived as less effective and does not allow them for complete cognitive learning.
This also raises concerns for international students wanting to gain residency upon completing their higher education in the country, since the growing offer of online courses does not require such.
Less attraction on certain degrees and courses
The rising unemployment rate of certain industries affected by the pandemic will affect the decisions of students in choosing their courses. A diminishing amount of international and domestic students are expected.
Will Australian universities strive?
There is a growing need for universities to reconsider the workforce, teaching loads and financial strategies for them to get back on track. It goes beyond expenses, which means a fundamental restructuring and redesigning is a must to cope up with the current uncertainty and economic turmoil.
